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Prime Minister Narendra Modi and Finance Minister Arun Jaitley resorted to a "malicious and fraudulent juggling" of gross domestic product (GDP) figures to conceal the "huge blow" to the "big money". Indian economy, accused Congress [19659002] Congress spokesman, Randeep Surjewala, called the publication of data, in anticipation of Lok Sabha's elections next year, of "clbadic" case in which "the operation succeeds but the patient is dead".
Surjewala claimed that the overall retrospective GDP data released by the Center reflected the desperate attempt of the "defeatist Modi government" to undermine India's growth over the past 15 years. people believe that 2 + 2 = 8. This is the gadget, juggling, trickery and baffle that are sold as "downstream data," he said in a statement.
His remarks came after the government cut the country's economic growth rate on Wednesday at the previous congress led by Congress, United. The Progressive Alliance (UPA) regime lost more than a percentage point in the only year in which India posted double-digit GDP growth after liberalization and in each of the three years with an expansion of more than 9%.
The Central Statistics Office (CSO) estimated that India's GDP increased by 8.5% during the 2010-11 financial year (April 2010 to March 2011) and not by 10.3% as previously estimated, recalibrating data from previous years using 2011-12 as a base year instead of 2004-05.
Read: The economy is better under NDA, shows government data
Similarly, the growth rate of 9.3% recorded in 2005-06 and 2006-07 was reduced to 7.9% and 8.1% respectively. while the 7.7% rate was now estimated for 2007-08 instead
"The" rear manipulated series data "will not change the" release date "of the Modi government. (Prime Minister Narendra) Modiji's new definition for GDP is "Gimmickry Data Product," he said.
Surjewala baderted that the failure of "Modinomics and an economic vision Pakoda" had plunged the Indian economy into turmoil, as well as the Prime Minister The Minister of Finance has provoked a " economic chaos through "poorly designed" demonetization decisions, an "imperfect" GST badociated with "tax terrorism".
"Faced with a complete and total rejection of Duo Modi-Jaitley's" voodoo economic theory ", they resort to the malicious and fraudulent juggling of GDP figures to hide the enormous blow to the Indian economy body, "he said.
Surjewala baderted that since the advent of the NDA government in May 2014, resolute efforts had been made to reduce the balance sheet of the two UPA governments under Manmohan Singh in 2004-2009 and 2009 -2014. Much confusion has been sown and the Modi government has added to the confusion by changing the base year from 2004-05 to 2011-12, he said.
The congressional leader said his party had repeatedly stressed that when the base year would be changed, the government should follow the sound international practice and revise the figures from previous years.
"We had demanded that the data from the back series of GVA and GDP should be calculated and published in such a way as to allow meaningful comparisons," he added, adding that the retrospective data published by the Commission Statistics Canada (NSC) in August 2018 are available in the public domain and the numbers show that the truth can not be suppressed.
The Leader of the Opposition claims that UPA-1 and UPA-2 have recorded the highest decadal growth of 8.13% in factor cost since independence and at the same time. During this period, 140 million people were lifted out of poverty.
When the UPA resigned, economic growth resumed at 6.39% at market prices in 2013-14. In addition, the government deficit was reduced to 4.48% and the current account deficit to 1.7%, he said.
"The revised" new series "compiled today by the Ministry of Statistics and Niti Aayog has completely undermined the NSC (National Statistical Commission), the autonomous body responsible for deciding data in the United States. transparency and in accordance with the overall standards for calculating GDP, in accordance with the bound market price methodology.
"Today, the Modi government has deceived the country by surreptitiously changing the methodology used to manipulate the data of the country. GDP This is called "Excel Sheet Management", ie decide the result and fill in the benchmarks later.The new methodology is based on the GVA, which does not take into account the taxes and subsidies and is therefore extremely imperfect to serve the short-sighted interests of the Modi government, "he said.
According to Surjewala, under the Modi government, investments stagnated and gross formation of Fixed pital has remained constant at 28.5% over the last three years.
"At this level of investment (GFCF), it is not possible to obtain higher growth rates," he said.
(With the inputs of the agency)
First published: Nov. 29, 2018 08:26 IST
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